Between June 2015 to June 2016, 225,000 first-time buyers paid the stamp duty tax.
The proposal by Yorkshire Building Society could potentially save first-time buyers an average of £3,791 rising to £13,171 in London. The figures are based on analysis of Yorkshire Building Society’s mortgage customers.
It would also make it easier to move up the property ladder under the proposed changes.
Homeowners would be paying tax on the property they were selling rather than the one they were buying. Buyers could benefit on average by £4,093, rising to £9,762 in the capital.
This comes after it was reported that though the Brexit result will make it easier for existing homeowners to trade up the property ladder, first-time buyers will experience a £6,000 price increase.
The building society said: “Uncertainty caused by the vote for Brexit has the potential to reduce consumer confidence and slow down the housing market.
“It is vital the Government examines solutions that support new buyers into homeownership.”
The change predicts a boost in the number of property transactions by 2% in the first year with an additional 6,000 transactions coming from first-time buyers.
